(Photo from Sirius Mutual Protection & Indemnity Association website)
- Chaney and the Mississippi Insurance Dept. has requested that the Attorney General’s Office investigate the matter for possible prosecution.
Mississippi Commissioner of Insurance Mike Chaney has issued a Cease and Desist Order to Sirius Mutual Protection & Indemnity Association, LLC.
According to the Mississippi Insurance Department, the agency has received an inquiry from the maritime authorities for France seeking information as to whether Sirius was authorized to issue maritime coverage of $50 million for certain shipping interest. Several ships are being held in certain ports due to this potential fraud.
MID says the company lists a Bay Saint Louis address but is not licensed to engage in the business of insurance in the State of Mississippi. Operating without prior approval for a license by MID is illegal.
Sirius does have an LLC registered with the state of Mississippi, with a manager and organizer listed by the name “Yavuz Yavuzer” and president listed as “Erdinc Kanbakan.” According to the Secretary of State’s office, the company was formed in March 2023 and is in good standing having filed their 2025 annual report. Yavuzer lists a Waveland address. The company’s filings show a website listed under “siriuspandi.com” with the same Bay St. Louis address along with a 228 area code from a South Mississippi phone number.
“Sirius Protection and Indemnity is a Mutual P&I Club. We provide P&I Coverage for our Ship Owner members with excellent service,” their website claims, also stating, “We provide a high level of service with many years of expertise in the shipping and P&I industry. We also offer P&I cover for Yacht Owners.”
Commissioner Chaney says as Sirius has not been approved as a licensed insurance business in Mississippi and is operating illegally.
“By issuing this Cease and Desist Order, Sirius Mutual Protection & Indemnity Association, LLC., shall not collect or receive premiums,” said Commissioner Chaney in a statement on Thursday. “Sirius has never been approved or authorized as a licensed company to conduct business in Mississippi. They cannot write any business and cannot conduct any current or existing illegal business.”
Chaney went on to say that Sirius may request a hearing for reconsideration within 20 days of the date of the Cease and Desist Order.
“If the company fails or refuses to comply with this Cease and Desist Order, Mississippi law provides that they can be fined,” Chaney said.
MID also noted that the agency has requested that the Mississippi Attorney General’s Office investigate the matter for possible prosecution.
MID is asking that anyone who has done business with Sirius to contact the agency’s Legal and Investigations Divisions by calling (601) 359-3569.
